Increased foreign borrowings will put more pressures on Nigeria’s debt servicing burden, the Nigerian-British Chamber of Commerce has said.

According to the chamber, the country’s debt burden currently takes about 35 per cent of the budget estimates, hinting that additional loans will raise the figure.

The chamber advised the Federal Government to look inward on economic diversification, noting that Nigeria’s weak macroeconomic fundamentals would force investors to demand higher coupons on sovereign debts.